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【Daily】10 Mar. Brief of Pak BizNews

By Staff Reporter | Gwadar Pro Mar 10, 2022

-Daily Market-

KSE 100 43042.96 ▲ 0.38%

KMI 30 69396.08 ▲ 0.64%

KASB Tech Index 319.41 ▲ 3.25%

 

KASB Market View

 

·      The investors took fresh positions on available attractive low levels that supported the market to stay in green zone throughout the day, however political uncertainty kept participation low.

·      KSE-100 index took a positive trend after the SBP’s decision to keep the policy rate unchanged at 9.75%.

·      Sectors contributing to the performance include Technology (up 74.6 points), Fertilizer (up 63.0 points), E&P (up 18.1 points), cement (up12.5 points) and automobile and parts (up 5.8 points).

 

National News

 

Kremlin tells United States to await response to “economic war”

The Kremlin accused the United States on Wednesday of declaring an economic war on Russia that was sowing mayhem through energy markets, and it put Washington on notice it was considering its response to a ban on Russian oil and energy

Source: https://www.brecorder.com/news/40159650/kremlin-tells-united-states-to-await-response-to-economic-war 

 

Oil plunges as much as 17% as UAE, Iraq set to boost output

Oil prices plunged as much as 17% after media reports said OPEC producers United Arab Emirates and Iraq said they would support increased production, potentially offsetting some of the supply disruptions caused by sanctions on Russian oil after its invasion of Ukraine.

Source: https://www.brecorder.com/news/40159648/oil-plunges-as-much-as-17-as-uae-iraq-set-to-boost-output 

 

Iran nuclear talks stumble over unresolved Russia demands

Parties trying to revive the Iran nuclear deal scrambled on Wednesday to resolve last-minute Russian demands that threaten to scupper negotiations, diplomats said, with the United States appearing unwilling to engage with Russia on the matter.

Source: https://www.brecorder.com/news/40159649/iran-nuclear-talks-stumble-over-unresolved-russia-demands 

 

IMF need not worry: Tarin

Finance Minister Shaukat Tarin has stated that the International Monetary Fund (IMF) should not have any concern on the prime minister’s package for slash in petrol and diesel prices, as well as, electricity tariff because neither the budget deficit nor borrowing would be increased.

Source: https://www.brecorder.com/news/40159808/imf-need-not-worry-tarin 

 

World heading for 1973-type energy shock: France

The spike in energy prices caused by Russia’s war in Ukraine will produce effects comparable to the 1973 oil shock, French Economy Minister Bruno Le Maire warned on Wednesday. The current energy crisis was “comparable in intensity, in brutality, to the oil shock of 1973,” Le Maire told a conference in Paris.

Source: https://www.brecorder.com/news/40159796/world-heading-for-1973-type-energy-shock-france 

 

TPL Trakker, Telenor join hands to strengthen IoT connectivity infrastructure

TPL Trakker is partnered with Telenor Pakistan to exclusively provide state of the art IoT solutions and services to strengthen domestic connectivity infrastructure in Pakistan.

Source: https://www.brecorder.com/news/40159693/tpl-trakker-telenor-join-hands-to-strengthen-iot-connectivity-infrastructure 

 

Margins on MTBs soar to 130bps

The margins on short-term government securities rose up to 130 basis points (bps) in the auction held Wednesday despite no change in key policy rate.

Source: https://www.brecorder.com/news/40159727/margins-on-mtbs-soar-to-130bps 

 

UAE wants to acquire Guddu Power Plant

The United Arab Emirates (UAE) has reportedly expressed its intention to acquire combined cycle 747-MW Guddu Power Plant (GPP), well informed sources in Privatisation Commission (PC) told Business Recorder. The intention to acquire Guddu Power Plant emanated from Department of Projects, headed by Sheikh Hamad Bin Khalifa Bin Mohammed Al Nahyan in a letter to Prime Minister Imran Khan.

Source: https://www.brecorder.com/news/40159805/uae-wants-to-acquire-guddu-power-plant 

 

ADB mission to hold talks with minister

An Asian Development Bank (ADB) Mission headed by the Bank’s Vice President (Operations-1), Shixin Chen is to hold a meeting with Finance Minister, Shaukat Tarin on March 14, on country’s macroeconomic conditions, debt sustainability, challenges and policies, ongoing IMF program, and medium-term fiscal framework including domestic resource mobilization, well informed sources told Business Recorder.

Source: https://www.brecorder.com/news/40159804/adb-mission-to-hold-talks-with-minister 

 

Acquisition of shares, investment: SBP amends R-6 of PRs for commercial banking

The State Bank of Pakistan (SBP) has made some amendments to the Regulation R-6 of Prudential Regulations for Corporate and Commercial Banking for investment in the companies.

Source: https://www.brecorder.com/news/40159802/acquisition-of-shares-investment-sbp-amends-r-6-of-prs-for-commercial-banking 

 

Wheat flour: Balochistan govt asked to ensure price stability

Finance Minister Shaukat Tarin has directed the Balochistan authorities to ensure stability in the prices of wheat flour by maintaining the daily release of wheat to the flour mills.

Source: https://www.brecorder.com/news/40159801/wheat-flour-balochistan-govt-asked-to-ensure-price-stability 

 

15pc rise YoY: Banks’ profitability soars to Rs268bn mark

Pakistan listed banks’ profitability increased to record Rs 268 billion, up 15 percent on year-on-year basis in 2021.

Source: https://www.brecorder.com/news/40159800/15pc-rise-yoy-banks-profitability-soars-to-rs268bn-mark 

 

First cargo of Halal meat sent to Uzbekistan

The first cargo of Halal meat from Pakistan to Uzbekistan left for Tashkent from Karachi here on Wednesday after new market was explored for Pakistani meat recently.

Source: https://www.brecorder.com/news/40159765/first-cargo-of-halal-meat-sent-to-uzbekistan 

 

Commodities and Currency: 1-Day Change

Gold: 

USD 1,982. ▼ 0.27%  

Silver: 

USD 25.810 ▼ 0.02%  

Crude Oil

USD 110.28 ▲  1.45%

USD-PKR: 

Rs 179.25/USD ▲ 0.42%

 

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